Hi Jim,

Thanks for reaching out to the UNH Extension Infoline.

For a young tree such as this with the damage it has, there isn't much I would do besides trimming the loose bark for aesthetic reasons that is hanging on. Any attempt to wrap or seal the wound with tape, plastic or other materials could lead to rot or it could encourage disease or fungus. Trees have a remarkable ability to seal their own wounds so it's best to allow them to do it.

Here is a resource from Mississippi State University Extension for more detail-

http://extension.msstate.edu/publications/tree-wounds-should-they-be-repaired

I hope this helps and if you have further questions, please ask!